Antero Midstream Partners Mergers and Acquisitions Presentation Deck

Support For AMGP Trading Level 1 Key Trading Level Considerations EQGP trades at a ~4.6% 2018 yield with a ~20% 2-year forward growth rate. Pro forma, AMGP will have a ~38% growth rate and would need a ~4.6% yield to hold its current price 25 year dividend discount model with 10% cost of equity implies an ~12.1% terminal yield to support current price; 8.0% terminal yield implies share price of $23.03 3 Maintaining 3-year IRR would suggest a pro forma share price of $24.40 4) Correlation of yield vs. growth would suggest a pro forma share price greater than ~$33 5 Pro forma 2019E EBITDA multiple of 12.0x in-line with key peers Antero 23

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